Cuomo Said to Seek $400 Million to Buy New York Beachfront Homes [View all]

Source: Bloomberg

Governor Andrew Cuomo wants to use $400 million in federal funding to buy beachfront homes as he seeks to reshape the New York coastline so the state is better prepared for storms like Hurricane Sandy.

The cash would come from the $51 billion Congress approved last month to help the region recover from the Oct. 29 storm, which destroyed or damaged more than 300,000 homes in the state, according to an administration official briefed on the plan who requested anonymity because Cuomo hasnít announced it. The governor would use the money to pay owners the pre-storm value of their homes.

Once sold, the houses would be razed and the land would remain vacant. The program is part of a wider effort to reshape the coastline that Cuomo proposed in his January State of the State address. The 55-year-old Democrat also wants to build dunes, wetlands and other natural barriers.

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About 10,000 homes in the 100-year flood plain that were damaged by Sandy would qualify for buyouts, and the Cuomo administration said it expects between 10 and 15 percent to take the option, said the administration official.